Under a Periodic Inventory System, the Buyer Does Not Use

question 17

Multiple Choice

Under a periodic inventory system, the buyer does not use which of the following accounts in recording purchases and related transactions?

• A)Purchases
• B)Purchase Returns and Allowances
• C)Purchase Discounts
• D)Merchandise Inventory

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Definitions:

Back and Forth

A repeated movement or discussion going in one direction and then in the opposite direction.

Points

Main ideas, arguments, or pieces of information presented or considered in a discussion or analysis.

Subordinated

The act of placing someone or something in a lower rank or position, or making them of less importance or priority.

Wedding Ring

A ring symbolizing marriage, traditionally worn on the base of the left ring finger to signify marital commitment and love.